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What are
credit defaults If you
have ever taken out a credit contract such as :
You are required to make
regular repayments as per your loan contract.
Failure to make regular repayments to your
lender as per your loan contract may result in the lender placing a “black
mark” against your name on your credit report. Defaults are usually only
placed on your credit history if you have gone without making the required
payments for 2-3 months or more.
In most cases the lender will attempt to
contact you first to sort out the payment delays informally. However if they
can not find you or you are simply not able to make the required payments, a
default may be placed on your credit report. |
